JCS Construction Group, Inc. has broken ground on 409 Greenwich Avenue, a three-story, 12,000 s/f mixed-use building on the corner of Greenwich Avenue.
The company has become the first developer to install Geothermal wells on Greenwich Avenue.
Justin Shaw, principal of JCS Construction Group, said his firm had been approved to drill 12 geothermal wells.
Each well will be 500 ft. deep and situated below the new building. The geothermal system, along with being tremendously green, will use ambient temperature of the ground water for its heating and cooling systems, significantly reducing the energy consumption and operating expenses of the property. JCS Construction is the developer and partner in the ownership entity. CPP 409 Greenwich Ave LLC has a signed lease with a major restaurant tenant for the first floor of the building.
The second floor will comprise of 4,000 s/f of retail space and the third floor will be 2 luxury residential apartments with dedicated roof top decks.
“When you look at geothermal technology for a home, it is much harder to make the economics work unless you plan to live in the home for over 15 years,” said Shaw.
“In this case, however, the instant utility rebates, tax rebates and accelerated depreciation alone make it attractive. The increased revenue is just the cherry on top. Although we are not seeking a LEED certification, we do see the value in green building and the long-term benefits it will have to the community at large. We are pleased to introduce something new to the Greenwich Avenue.”
JCS has also elected to use recycled steel for the super structure and use all Energy Star rated appliances and building practices.